It is important to consolidate before the end of your grace period. Your interest rate increases when you enter your repayment period.

Commission Releases Revised Report

The Commission on the Future of Higher Education released a revised draft of their report on the state of higher education in America.

In response to widespread criticism off the harsh language of the first draft, this version has toned it down.

According to a report by Inside Higher Education, while the second draft continues to call for improvements in the performance of America's colleges and universities, it does so with a tad less venom. The report does maintain its original opinion that the cost of higher education have grown too far and too fast, and that financial aid often does not end up in the hands of the truly needy students. Additionally, the commission found that too many high school students are under-prepared for college; consequently, they fail to thrive and are less likely to learn the skills they need to get good jobs and lead quality lives.

The original draft report was widely perceived as going out of its way to insult American colleges and universities. The second draft offers more praise and less criticism and more fully represents the views of all 19 commissioners; but does not contain an introduction or a conclusion that will set the tone for the report. Overall, the commission's fundamental recommendations remained unchanged.

In a memorandum to its members, American Council on Education president David Ward said that the second draft showed "improvements in both tone and content" over the first draft, which, he noted, was released "to the overwhelming concern of the higher education community" last month. In some ways, Ward said, he thought the second draft did not change enough; however, there were other commissioners on the other side of the argument, who expressed concern that the commission might have gone a too far in the opposite direction.

Ohio University economist Richard K. Vedder described the second draft as "a little bit of a sugar-coated version" that "doesn't grab you much." Additionally, Vedder expressed concern that the commission's report might be so soft that one would pay attention to it. In the insidehighered.com report, Vedder went on to say that the second draft had taken a step backward by giving less attention to the innovations of nontraditional colleges, especially for-profit ones, and by dropping references to grade inflation and the declining state of undergraduate education.

Another commissioner was quoted as saying that he believed that the draft "begins to really show what we as the commission thinks," and that the report is "headed in the right direction." But on one point most commissioners agree: they still have a great deal of work to do in order compile a finished product that will not only open the eyes of the public to the spiraling problems of higher education, but also will provide concrete, hard hitting recommendations that guide policy makers down the road to problem solving.

At Law School Loans, America's top law school lender, we employ some of the best financial advisers and finance journalists in the student lending industry. Be sure you're getting the most accurate data from the most trusted source, and stay up-to-the-minute on your own student loans!

Just use the RSS feed below and add this to any of the channels you use to receive blogs, podcasts, and other syndicated material.

The Legal Career Resources column is presented by LawCrossing, America's leading legal job search site dedicated to getting jobs for legal professionals.

On April 3 Senator Edward M. Kennedy (D-MA) introduced legislation that would make sweeping changes to federal financial aid. The bill, given the short name ''Strengthening Student Aid for All Act,'' is intended to ensure students have sufficient access to financial aid, in the forms of both grants and loans.

Law School Loans went above and beyond what a typical student loan company does for their borrowers. I consolidated my loans to assist my getting a home equity loan. The original loan holders were basically dragging their feet in releasing my loans to Law School Loans. The representative handling my consolidation put in additional work to get my loans released so that my h... - Aaron S. Los Angeles, CA

Your Federal Benefits

If you are still in-school, you may reserve your consolidation for graduation with Law School Loans. By signing and returning your application now, you will be guaranteed the current low rates on your consolidation, and you will not have to think about your consolidation again until you enter repayment.

Unconsolidated student loans typically have a loan term of 10 years, while consolidation loans can have terms up to 30 years.

Newswire

Important interest rate changes, valuable new programs, and everything you need to know about your loans and repayment... sign up for breaking news updates from Law School Loans!

*The final fixed interest rate for your federal loan consolidation loan is calculated as the weighted average of the interest rates on the loans being consolidated rounded up to the nearest one-eighth of a percent. Your exact monthly payment reduction may vary depending on your loan. Law School Loans Financial reserves the right to modify, expand or discontinue this offer at any time without notice.